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It has been my observation that no-income-tax states make up for it in sales tax and/or property tax. Government is getting its cut one way or another. Of cours
by mikestew 1y ago
It has been my observation that no-income-tax states make up for it in sales tax and/or property tax. Government is getting its cut one way or another. Of course, retirees will want to skip CA altogether with their income tax and ridiculous sales tax.
- seangrogg 1y agoAs you sort of allude to, YMMV. I moved from California to Nevada and literally all taxation went down. Income tax from progressive scheme nearing 10% to 0% Sales tax from ~9% to ~8% Property taxes are hard to pin to a single value, but with housing prices just being lower in general you wind up paying less for similar footage/amenities While it doesn't mean the observation is fundamentally inaccurate, it's worth keeping in mind that people looking at states with 0% income tax may be coming from a place where they're just getting reamed because work wants them there. If you're not flying under the SALT cap and work is remote friendly it's worth at least looking around.
- JumpCrisscross 1y agoOne good measure is tax take as a fraction of state GDP [1]. [1] https://www.sciotoanalysis.com/news/2024/6/25/how-do-state-taxes-relate-to-state-gdp https://www.sciotoanalysis.com/news/2024/6/25/how-do-state-t...